$HII
HUNTINGTON INGALLS INDUSTRIES, INC.

2016 Q4 Form 10-Q Financial Statement

#000150158516000065 Filed on November 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $1.922B $1.683B $1.800B
YoY Change 0.89% -6.5% 4.83%
Cost Of Revenue $1.480B $308.0M $292.0M
YoY Change -4.52% 5.48% 5.04%
Gross Profit $442.0M $1.375B $1.508B
YoY Change 24.51% -8.82% 4.79%
Gross Profit Margin 23.0% 81.7% 83.78%
Selling, General & Admin $188.0M $147.0M $150.0M
YoY Change -4.08% -2.0% -20.63%
% of Gross Profit 42.53% 10.69% 9.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.00M $45.00M $45.00M
YoY Change 4.44% 0.0% -4.26%
% of Gross Profit 10.63% 3.27% 2.98%
Operating Expenses $173.0M $147.0M $150.0M
YoY Change -11.73% -2.0% -20.63%
Operating Profit $268.0M $175.0M $200.0M
YoY Change 86.11% -12.5% 16.96%
Interest Expense -$19.00M $19.00M $25.00M
YoY Change -69.84% -24.0% -7.41%
% of Operating Profit -7.09% 10.86% 12.5%
Other Income/Expense, Net $1.000M $1.000M
YoY Change
Pretax Income $251.0M $157.0M $175.0M
YoY Change 213.75% -10.29% 21.53%
Income Tax $54.00M $50.00M $64.00M
% Of Pretax Income 21.51% 31.85% 36.57%
Net Earnings $197.0M $107.0M $111.0M
YoY Change 294.0% -3.6% 15.63%
Net Earnings / Revenue 10.25% 6.36% 6.17%
Basic Earnings Per Share $4.26 $2.28 $2.31
Diluted Earnings Per Share $4.20 $2.27 $2.29
COMMON SHARES
Basic Shares Outstanding 46.37M shares 46.90M shares 48.00M shares
Diluted Shares Outstanding 47.20M shares 48.40M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $720.0M $957.0M $671.0M
YoY Change -19.46% 42.62% -12.74%
Cash & Equivalents $720.0M $957.0M $671.0M
Short-Term Investments
Other Short-Term Assets $48.00M $73.00M $162.0M
YoY Change 54.84% -54.94% -16.92%
Inventory $210.0M $268.0M $308.0M
Prepaid Expenses
Receivables $1.164B $1.046B $1.278B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.142B $2.344B $2.419B
YoY Change -6.22% -3.1% 1.64%
LONG-TERM ASSETS
Property, Plant & Equipment $1.986B $1.841B $1.750B
YoY Change 8.7% 5.2% -5.51%
Goodwill $1.234B $956.0M $973.0M
YoY Change 29.08% -1.75% -10.41%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.224B $388.0M $372.0M
YoY Change 16.26% 4.3% 45.31%
Total Long-Term Assets $4.210B $3.664B $3.623B
YoY Change 12.57% 1.13% -3.26%
TOTAL ASSETS
Total Short-Term Assets $2.142B $2.344B $2.419B
Total Long-Term Assets $4.210B $3.664B $3.623B
Total Assets $6.352B $6.008B $6.042B
YoY Change 5.44% -0.56% -1.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $316.0M $293.0M $296.0M
YoY Change -0.32% -1.01% 10.45%
Accrued Expenses $458.0M $438.0M $442.0M
YoY Change 3.62% -0.9% -3.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.343B $1.228B $1.294B
YoY Change 5.42% -5.1% 4.86%
LONG-TERM LIABILITIES
Long-Term Debt $1.278B $1.277B $1.305B
YoY Change 0.39% -2.15% -20.91%
Other Long-Term Liabilities $90.00M $99.00M $103.0M
YoY Change -12.62% -3.88% 4.04%
Total Long-Term Liabilities $1.368B $1.376B $1.408B
YoY Change -0.58% -2.27% -19.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.343B $1.228B $1.294B
Total Long-Term Liabilities $1.368B $1.376B $1.408B
Total Liabilities $4.699B $4.356B $4.552B
YoY Change 3.64% -4.31% 1.99%
SHAREHOLDERS EQUITY
Retained Earnings $1.323B $1.154B $821.0M
YoY Change 56.01% 40.56% 66.87%
Common Stock $1.964B $1.949B $1.948B
YoY Change -0.71% 0.05% 2.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $684.0M $644.0M $454.0M
YoY Change 39.02% 41.85% 95.69%
Treasury Stock Shares
Shareholders Equity $1.653B $1.652B $1.490B
YoY Change
Total Liabilities & Shareholders Equity $6.352B $6.008B $6.042B
YoY Change 5.44% -0.56% -1.36%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $197.0M $107.0M $111.0M
YoY Change 294.0% -3.6% 15.63%
Depreciation, Depletion And Amortization $47.00M $45.00M $45.00M
YoY Change 4.44% 0.0% -4.26%
Cash From Operating Activities $345.0M $254.0M $254.0M
YoY Change -22.3% 0.0% -0.78%
INVESTING ACTIVITIES
Capital Expenditures -$140.0M -$60.00M -$37.00M
YoY Change 37.25% 62.16% -7.5%
Acquisitions
YoY Change
Other Investing Activities -$372.0M $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$512.0M -$60.00M -$37.00M
YoY Change 401.96% 62.16% -5.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.00M -89.00M -506.0M
YoY Change -41.18% -82.41% 1165.0%
NET CHANGE
Cash From Operating Activities 345.0M 254.0M 254.0M
Cash From Investing Activities -512.0M -60.00M -37.00M
Cash From Financing Activities -70.00M -89.00M -506.0M
Net Change In Cash -237.0M 105.0M -289.0M
YoY Change -206.28% -136.33% -263.28%
FREE CASH FLOW
Cash From Operating Activities $345.0M $254.0M $254.0M
Capital Expenditures -$140.0M -$60.00M -$37.00M
Free Cash Flow $485.0M $314.0M $291.0M
YoY Change -11.17% 7.9% -1.69%

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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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us-gaap Other Postretirement Benefits Payments
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends Common Stock
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Property Plant And Equipment
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CY2015Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
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CY2016Q3 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
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143000000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
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us-gaap Pension And Other Postretirement Benefit Contributions
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us-gaap Repayments Of Long Term Debt
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RetainedEarningsAccumulatedDeficit
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us-gaap Sales Revenue Goods Net
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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CY2015Q3 us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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CY2015Q3 us-gaap Sales Revenue Services Net
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us-gaap Sales Revenue Services Net
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us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
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us-gaap Share Based Compensation
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CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P1Y0M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
800000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
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580000 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
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CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
262000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2015Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
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CY2016Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Treasury Stock Shares Acquired
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us-gaap Treasury Stock Shares Acquired
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us-gaap Treasury Stock Value Acquired Cost Method
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CY2015Q4 us-gaap Unamortized Debt Issuance Expense
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CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47400000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2015Q4 us-gaap Workers Compensation Liability Current
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CY2016Q3 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
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CY2015Q4 us-gaap Workers Compensation Liability Noncurrent
WorkersCompensationLiabilityNoncurrent
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CY2016Q3 us-gaap Workers Compensation Liability Noncurrent
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">ACCOUNTING STANDARDS UPDATES</font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-02, &#8220;Leases (Topic 842)&#8221;, which establishes a right-of-use model that requires a lessee to record the right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations and comprehensive income. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those reporting periods. Early adoption is permitted and should be applied using a modified retrospective approach. The Company is in the process of evaluating the potential impacts of ASU 2016-02 on its consolidated financial statements and disclosures, contracting and accounting processes, internal controls, and information technology systems.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In March 2016, the FASB issued ASU 2016-07, "Investments-Equity Method and Joint Ventures (Topic 323)&#8221;. The update simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. Consequently, when an investment qualifies for the equity method, the cost of acquiring the additional interest in the investee would be added to the current basis of the investor&#8217;s previously held interest, and the equity method would be applied subsequent to the date on which the investor obtains the ability to exercise influence over the investee. The standard is effective for fiscal years beginning after December 15, 2016, including interim periods within those periods. The Company does not expect the adoption of ASU 2016-07 to have a material impact on the Company's consolidated financial position, results of operations, or cash flows.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In March 2016, the FASB issued ASU 2016-09, &#8220;Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting&#8221;, which changes how companies account for certain aspects of share-based payment awards to employees, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, and classification in the statement of cash flows. Under the new guidance, income tax benefits and deficiencies of exercised or vested awards are to be recognized as income tax benefit or expense in the statement of operations and comprehensive income and the tax effects of exercised or vested awards should be treated as discrete items in the reporting period in which they occur. Excess tax benefits should be classified along with other income tax cash flows as an operating activity within the consolidated statement of cash flows. The Company elected to early adopt ASU 2016-09, as of January 1, 2016. See Note 7: Earnings Per Share, Note 11: Income Taxes, and Note 17: Stock Compensation Plans.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In May 2014, the FASB issued ASU 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606)&#8221;, which will replace existing requirements in U.S. GAAP, including industry-specific requirements, significantly expand the disclosure requirements, and provide companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Under the new standard, the Company expects to continue to recognize revenue over time, using the cost-to-cost percentage of completion method for the vast majority of its contracts. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. In July 2015, the FASB approved the deferral of the new standard's effective date by one year. The new standard is effective for annual reporting periods beginning after December 15, 2017. The FASB will permit companies to adopt the new standard early, but not before the original effective date of annual reporting periods beginning after December 15, 2016. The Company has not yet selected a transition method nor determined the date upon which it will adopt the new standard. In March 2016, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606), Principal versus Agent Considerations (Reporting Revenue Gross versus Net)." The ASU clarifies how an entity should identify the unit of accounting (i.e., the specified good or service) for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangements. In April 2016, the FASB issued ASU 2016-10, "Revenue from Contracts with Customers (Topic 606), Identifying Performance Obligations and Licensing," which clarifies the guidance surrounding licensing arrangements and the identification of performance obligations.&#160;The Company is currently evaluating the potential changes from the new guidance to its financial statements and disclosures, contracting and accounting processes, internal controls, and information technology systems.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other pronouncements issued but not effective until after December 31, 2016, are not expected to have a material impact on the Company's consolidated financial position, results of operations, or cash flows.</font></div></div>
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The quarterly information is labeled using a calendar convention; that is, first quarter is consistently labeled as ending on March 31, second quarter as ending on June 30, and third quarter as ending on September 30. It is management's long-standing practice to establish interim closing dates using a "fiscal" calendar, which requires the businesses to close their books on a Friday near these quarter-end dates in order to normalize the potentially disruptive effects of quarterly closings on business processes. The effects of this practice only exist for interim periods within a reporting year.</font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">DESCRIPTION OF BUSINESS</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">For more than a century, Huntington Ingalls Industries, Inc. ("HII" or the "Company") has been designing, building, overhauling, and repairing ships primarily for the U.S. Navy and the U.S. Coast Guard. The Company conducts business primarily with the U.S. Government, principally the Department of Defense ("DoD"). As prime contractor, principal subcontractor, team member, or partner, HII participates in many high-priority U.S. defense technology programs. HII is organized into </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:Arial;font-size:10pt;"> reportable segments: Ingalls, Newport News, and Other. Through its Ingalls segment, HII is a builder of amphibious assault and expeditionary ships for the U.S. Navy, the sole builder of National Security Cutters ("NSCs") for the U.S. Coast Guard, and one of only two companies that builds the Navy's current fleet of DDG-51 </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Arleigh Burke</font><font style="font-family:Arial;font-size:10pt;">-class destroyers. Through its Newport News segment, HII is the nation's sole designer, builder, and refueler of nuclear-powered aircraft carriers, and one of only two companies currently designing and building nuclear-powered submarines for the U.S. Navy. The Other segment was established to account for certain of the Company's non-shipbuilding commercial activities.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Accounting Estimates </font><font style="font-family:Arial;font-size:10pt;">- The preparation of the Company's unaudited condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best available information, and actual results could differ materially from those estimates.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Bipartisan Budget Act of 2015 established budget top lines and provided sequestration relief for fiscal years 2016 and 2017. Sequestration remains in effect for fiscal years 2018 through 2021 and could result in significant decreases in DoD spending that could negatively impact the Company's revenues and its estimated recovery of goodwill and other long-lived assets.</font></div></div>

Files In Submission

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